Netflix, Inc.

NFLXNASDAQCommunication Services● Active

$82.18

+$0.62(+0.76%)

Market Cap$346.0B

P/E Ratio—

52W High$134.115

52W Low$75.01

Avg Volume38.3M

Open$82.38

Beta1.49

Free Cash Flow Financials Revenue

Netflix, Inc. (NFLX) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

NFLX · free cash flow · updated Jun 8, 2026

Core FCF metrics

NFLX · FCF · TTM · margin & CAGR

Free cash flow was $9.46B for FY2025 (fiscal year ending 2025-12-31), up 36.7% year-over-year The FCF margin was 20.9%. Five-year CAGR stands at +37.4%.

FY2025 Free Cash Flow$9.46B▲ +36.7% YoY

Trailing 12M (TTM)$11.89Btrailing 4 quarters sum

FCF Margin20.9%$9.46B ÷ revenue

3-Year CAGR+80.1%FY2022 → FY2025

5-Year CAGR+37.4%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

NFLX · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$10.15B(688M)$9.46B▲ +36.7%20.9%

FY2024$7.36B(440M)$6.92B▼ 0.1%17.8%

FY2023$7.27B(349M)$6.93B▲ +327.9%20.5%

FY2022$2.03B(408M)$1.62B▲ +1326.4%5.1%

FY2021$392.6M(525M)−$132.0M▼ 106.8%-0.4%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

NFLX · P/FCF · FCF yield · FCF per share

Netflix, Inc. (NFLX) trades at a FCF yield of 3.44% and a price-to-free-cash-flow ratio of 29.2x. FCF per share stands at $2.81, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

3.44%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$2.81

TTM FCF ÷ Shares Outstanding

Price / FCF

x29.2

Share Price ÷ FCF per Share

EV / FCF (TTM)

x29.5

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

NFLX · cash flow statement · operating / investing / financing

For FY2025, Netflix, Inc. generated $10.15B in operating cash flow and spent 688M in capital expenditures, yielding $9.46B in free cash flow.

Operating Activities

+$10.15B

Cash from core business operations

2025-12-31

Investing Activities

+$1.04B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$10.35B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($10.15B) − |CapEx| (688M) = FCF ($9.46B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Communication Services)

NFLX vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Netflix, Inc.YOU

NFLX

$9.46B+36.7%20.9%

13%

About Free Cash Flow & Methodology

Netflix, Inc. (NFLX) reported free cash flow of $9.46B for FY2025 (fiscal year ending 2025-12-31), up 36.7% year-over-year. The FCF margin was 20.9%.

Based on available data, Netflix, Inc. has maintained positive free cash flow for at least 6 fiscal year(s). FCF peaked at $9.46B in FY2025. The 5-year CAGR stands at +37.4%.

Netflix, Inc.'s FCF yield is 3.44% and price-to-FCF ratio is 29.2x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

NFLX free cash flow · 8 questions

Netflix, Inc. free cash flow was $9.46B for FY2025, up 36.7% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $11.89B.

NFLX free cash flowNFLX FCFNFLX FCF 2025NFLX free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Netflix, Inc. · Netflix, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026